By Art Wilson, Realtor
Lake Forest's May Property sales were 26, up 18.2% from 22 in May of 2013 and equal to 0.0% 26 sales last month. May 2014 sales were at a mid level compared to May of 2013 and 2012. May YTD sales of 113 are running -15.0% behind last year's year-to-date sales of 133.
The Median Sales Price in May was $720,286, up 16.3% from $619,200 in May of 2013 and down -1.1% from $728,500 last month. The Average Sales Price in May was $954,441, up 27.8% from $746,833 in May of 2013 and up 23.8% from $770,692 last month. May 2014 ASP was at highest level compared to May of 2013 and 2012.
The Total Inventory of Properties available for sale as of May was 239, up 13.3% from 211 last month and down -3.2% from 247 in May of last year. May 2014 Inventory was at the lowest level compared to May of 2013 and 2012.
The May 2014 Months Supply of Inventory of 9.2 months was at a mid range compared with May of 2013 and 2012. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers.
The average Days On Market (DOM) is how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for May was 82, down -21.9% from 105 days last month and down -58.4% from 197 days in May of last year. The May 2014 DOM was at its lowest level compared with May of 2013 and 2012.
The Selling Price vs Listing Price is the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The May 2014 Selling Price vs List Price of 95.8% was up from 93.8% last month and up from 91.3% in May of last year.
The number of New Listings in May 2014 was 87, up 11.5% from 78 last month and down -3.3% from 90 in May of last year.
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